Indian real estate developer Shriram Properties, a unit of real estate to lending company Shriram Group, has filed to secure up to 1,250 crore rupees ($179 million) in an initial public offering (IPO).
The offering consists fresh issue aggregating up to $35.7 million besides an offer for sale of up to 42.4 million shares by existing shareholders, including TPG Asia and Tata Capital Financial Service.
Shriram Properties, which draft papers with the Securities and Exchange Board of India, is seeking to consider a pre-IPO placement of up to $14.2 million.
The company intends to use the proceeds from the offering for repayment of certain borrowings and general corporate purposes.